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Spectral AI cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$4.1M in Q2 2026 · −$12.9M over twelve months

Operating cash flow−$4.1M
Free cash flow−$4.1M
Cash conversion cycle2 days

Analysis

In Q2 2026, Spectral AI generated −$4.1M of operating cash flow. That is $735K less than in Q2 2025 (−$3.4M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$12.9M; the largest uses were operating cash flow ($12.9M); besides operations, cash came from shares issued ($7.6M), net borrowing (+) / repaid (−) ($6.0M); the cash balance rose by $3.5M.

Operating cash flow was −$4.1M against net income of −$4.2M. The largest differences: accrued liabilities −$942K, stock-based pay +$807K, payables +$303K.

Its cash conversion cycle was 2 days (receivables 31 + inventory 31 − payables 59).

Free cash flow

Spectral AI: free cash flow by quarterSpectral AI: free cash flow by quarter−$1.6MQ3 2024$469KQ4 2024−$1.5MQ1 2025−$3.4MQ2 2025−$2.5MQ3 2025−$2.6MQ4 2025−$3.7MQ1 2026−$4.1MQ2 2026
Operating cash flow less capital spending.
Spectral AI: operating cash flow against capital spendingSpectral AI: operating cash flow against capital spendingOperating cash flowCapital spending−$1.6M$0Q3 2024$469K$0Q4 2024−$1.5M$0Q1 2025−$3.4M$0Q2 2025−$2.5M$0Q3 2025−$2.6M$0Q4 2025−$3.7M$0Q1 2026−$4.1M$0Q2 2026
Latest (Q2 2026): Operating cash flow −$4.1M, Capital spending $0.

Capital allocation, year by year

Spectral AI: where the cash came from (up) and went (down), by fiscal yearSpectral AI: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedBuybacksFY2021: Operating cash flow −$826KFY2021: Shares issued $13.9M$13.9MFY2021FY2022: Operating cash flow −$1.2MFY2022: Net borrowing −$785KFY2022: Shares issued $13.9MFY2022: Buybacks −$251M$13.9MFY2022FY2023: Operating cash flow −$13.2MFY2023: Net borrowing −$483KFY2023: Shares issued $3.7M$3.7MFY2023FY2024: Operating cash flow −$9.2MFY2024: Net borrowing $4.3MFY2024: Shares issued $4.2M$8.6MFY2024FY2025: Operating cash flow −$9.9MFY2025: Net borrowing $8.3MFY2025: Shares issued $11.5M$19.8MFY2025
Over these 5 years operating cash flow totalled −$34.3M; the largest uses were buybacks ($251M) and operating cash flow ($34.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$14.0M
Debt$10.1M
Net cash$4.0M
Due within a year$2.4M
Cash runway13 months

Spectral AI is burning cash: its operations consume cash, a free cash flow of −$12.9M a year at the current rate against $14.0M of cash and investments: a runway of about 13 months; $2.4M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Spectral AI: debt maturities by year (FY2025)Spectral AI: debt maturities by year (FY2025)$2.4MYear 1$4.9MYear 2$2.0MYear 3
Principal due in each year as disclosed in the annual report, against $14.0M of cash and investments now.

Where the cash came from and went

Spectral AI: sources (+) and uses (−) of cash, Q2 2026Spectral AI: sources (+) and uses (−) of cash, Q2 2026Other financing$6.6MOperating cash flow−$4.1MCash drawn (+) / kept (−)−$2.3MNet borrowing (+) / repaid (−)−$160KExchange rates−$1K
Spectral AI: sources (+) and uses (−) of cash, TTM to Q2 2026Spectral AI: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow−$12.9MShares issued$7.6MNet borrowing (+) / repaid (−)$6.0MCash drawn (+) / kept (−)−$3.5MOther financing$2.8MExchange rates−$23K

From profit to cash

Spectral AI: net income to operating cash flow, Q2 2026Spectral AI: net income to operating cash flow, Q2 2026Net income−$4.2MDepreciation & amortization$30KStock-based pay$807KReceivables$4KInventory$16KPayables$303KAccrued liabilities−$942KDeferred revenue$21KPrepaid and other assets$205KOperating cash flow−$4.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 20263131592
Q1 20262838102-36
Q4 20252527114-62
Q3 2025301996-47
Q2 2025321584-37
Q1 2025311191-49
Q4 202432974-32
Q3 202429753-17

Every quarter

QuarterOperating cash flowNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$4.1M−$160K—−$2.3M−$4.1M
Q1 2026−$3.7M−$157K$156K$3.7M−$3.7M
Q4 2025−$2.6M−$154K$7.7M−$4.9M−$2.6M
Q3 2025−$2.5M−$62K$555K$29K−$2.5M
Q2 2025−$3.4M−$207K—$3.5M−$3.4M
Q1 2025−$1.5M$7.2M$3.2M−$8.9M−$1.5M
Q4 2024$469K−$562K$1.4M−$1.5M$469K
Q3 2024−$1.6M−$1.6M—$3.2M−$1.6M

Spectral AI: income statement and cash flow

Spectral AI, Q2 2026: revenue $3.5M (-30% year over year), operating margin -122.7%. The chart follows the revenue to costs, profit and cash.

Spectral AI: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.